NAFCU’s Berger: Credit Unions’ Member-Focus Defines Its Distinction From Wells Fargo

America needs more Main Street and less Wall Street

WASHINGTON–(BUSINESS WIRE)–National Association of Federal Credit Unions (NAFCU) President
and CEO Dan Berger championed the value of credit unions’ member-focused
business model in advance of the House Financial Services Committee’s
hearing on Wells Fargo.

“Credit unions take the stewardship of consumers’ financial well-being
very seriously. The commitment to consumers’ best interests is not just
a philosophy, it is something they put into action every day. And since
their members are the owners, credit unions put people before profits.”

“The growth in credit union membership is a testament to that
commitment. A recent TransUnion survey
reported that millennials are driving credit union growth. Based on the
study, 25 percent of credit union members in the first quarter of 2016
were millennials. A top consumer magazine also noted
that credit unions are among the highest-rated services they have ever
evaluated. Putting members’ interests first is not a fad for credit
unions, it is part of their business model…not-for-profit, member-owned,
financial cooperatives.”

“Looking ahead, we hope lawmakers and regulators continue to acknowledge
the value that credit unions represent to Main Street, individuals and
small businesses, and our country’s financial well-being. America needs
more Main Street and less Wall Street.”

The National Association of Federal Credit Unions is the only national
trade association focusing exclusively on federal issues affecting the
nation’s federally-insured credit unions. NAFCU membership is direct and
provides credit unions with the best in federal advocacy, education and
compliance assistance. For more information on NAFCU, go to www.nafcu.org
or @NAFCU on Twitter. For additional information on credit unions, go to www.CULookup.com.

Contacts

National Association of Federal Credit Unions
Patty Briotta,
703-842-2820
Director of Public Relations
pbriotta@nafcu.org

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